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Yemeni rial recovers after central bank cash injection

08-27-2010 08:38 BJT

SANAA, Aug. 26 (Xinhua) -- The rial recovered Thursday from nearly seven months of losses against the U.S. dollar after the Cenral Bank's cash injection to stablize the Yemeni currency.

The rial finished at 218 against the dollar after it hit a record low earlier this month at above 250 versus the greenback, the worst drop in the Yemeni currency's history, the Central Bank was quoted by official Saba news agency as saying.

Local traders are optimistic the rial's gain would inject confidence into the coming period against the greenback.

According to official statistics, the central bank has so far injected over 927 million dollars to the local exchange market since the beginning of this year, in a bid to keep a steady value of the rial.

Impoverished Yemen is struggling to improve the livelihood of its people, resolve economic problems of its secession-inclined southerners and raise funds to reconstruct the post-war northern provinces of Saada.

Editor:Xiong Qu |Source: Xinhua

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